Bob Southard
Broker
Atlas Realty Service, LLC
Welcome!
Kennesaw Home Market
Available in metro Atlanta area. There is a coverage map on my website.
I have two different programs available. There are some differences but similar in the fact that we actually pick from homes that are for sale. So there are a lot of homes to choose from. You pick a home that is for sale, the investor buys the home and then leases it to you with the option to purchase.
You can visit my website for more details.
Once you are registered at my website I will send you a link to apply with whichever lender is the best fit for your needs.
What does the OwnOption Lease-to-Own Home Financing Program offer the Consumer?
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You get to select from homes for sale! You get much better selection and quality homes.
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Price and payments are set from the beginning. You know the purchase price,rent payment, and mortgage payment for the lifetime of ownership. Rent for 1-36 months with a fixed rent payment. Take over ownership when you are ready to qualify..
Best: Program A
Only 1% down to move in.
Purchase at todays price plus 1%
$3600 minimum monthly income required
580 credit score required
Assume fixed rate FHA loan already in place
100% of purchase price
Home must be built 2008 or newer.
Must be in excellent condition
No part of payment applies to purchase.
But not needed since loan is already there.
Good: Program B
2% down to move in
Buy at future value agreed up front.
You still know purchase price today
$2200 minimum monthly income required
550 credit score required
Buyer responsible to get new loan at time of purchase.
Older homes allowed.Must be in excellent condition.
25% of monthly applies to purchase up to 10% down. But you are buying at higher future value.
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Fixed monthly payments without annual rental escalations.
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Convert to ownership anytime in the next 3 years
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Flexible end of lease options should the customer not purchase - exchange, extend or move-on
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Program A Includes a home warranty and rental insurance during the lease period plus Maintenance plans during the lease period: Home Care Guide and Healthy Home Checkups
Program A
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Most popular of the two programs
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The customer knows they want to own the home
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Home is purchased with an assumable ownoption mortgage (30 year fixed FHA with Fixed monthly payment for the life of the lease)
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The option price is set at 1% above the initial purchase cost – fixed for 3 years. Home purchase assistance through counseling
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Lease term is 3 years; buy any time
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Lender contributes 100% of the future home equity created during the Trio lease. Sublease or exchange
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Purchase anytime with no prepayment penalty
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Credit score must be 580 or above
Program B
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Easier to qualify but more expensive of the two programs
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The customer knows they want to own the home
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Buyer is responsible to get new loan at time of purchase
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The option price is agreed upon now but set at a higher future value.
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Lease term is 3 years; buy any time
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Lender contributes 25% of monthly payment to equity up to 10% of purchase price.
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Purchase anytime and use whatever equity you have accumulated to that point.
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Credit score must be 500 or above
OwnOption Underwriting Standards - Customer Application Process
Lender will need to verify 4 things.
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You have enough cash to pay the initial move in expense.
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You have enough cash each month to pay your lease payment and other obligations
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You have rental or mortgage history to show you have made your housing payments on-time
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You have the employment and credit potential to qualify to purchase by the end of your lease term